ECCB 2017-2018 Annual Report and Statement of Accounts

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ECCB ANNUAL REPORT 2017/2018

ECCB Board of Directors and members of the Reserve Management Committee at Board Forum on Foreign Reserve Management - 25 January 2018. The facilitators were: Deputy Director, Banking and Monetary Operations Department, ECCB - Niall Pistana and Lead Financial Officer, The World Bank - Bernard Murira

Review and Adopt a Revised Reserve Management Framework

reserve management, including new terms of reference and composition of the Reserve Management Committee (RMC). Advise Monetary Council on Monetary and Credit Conditions Consistent with ECCB Agreement The macroeconomic surveillance function of the Bank is concentrated in the Research Department, executed mainly through theCountryEconomistUnit. Indoing so, the Unit collaborates with other units and departments within the Bank and with the ECCB Resident Representatives as well as public and private sector stakeholders inmembercountries. Themacroeconomic surveillance work involves engagement with member territories, supported by capacity building. For the financial year under review, the Bank continued to fulfil its surveillance mandate through the close monitoring of macro-economic, financial and socio-political developments, largely executed via the following research activities:

In keeping with its goal of maintaining a strong and stable EC dollar, the Bank continued work on reviewing the foreign reserve management framework with the assistance of The World Bank Treasury via participation in RAMP. RAMP members benefit from advisory services and training provided by The World Bank experts. The programme is open only to investment managers including: central banks, sovereign wealth funds, public pension funds and international organisations. Key achievements which the ECCB attained during the financial year included: •  • Development and approval of a revised Investment Policy for management of the Bank’s foreign reserves which includes the Bank’s risk tolerance; •  • Development and approval of strategic tranches including sizes, base currency and benchmarks; and •  • Revision to the governance structure for